AmeriSource Acquires Pharmacy Healthcare Solutions; AmeriSource Adds U.S. Leader in Indigent Pharmaceutical Recovery Services
VALLEY FORGE, Pa.--(BUSINESS WIRE)--June 21, 2000--AmeriSource Health Corp. (NYSE:AAS), one of the nation's leading pharmaceutical distributors, today announced that it has acquired Pharmacy Healthcare Solutions, a pharmacy consulting company specializing in acute-care hospitals and health care systems.
The amount paid for the acquisition was not disclosed.
Serving more than 90 facilities encompassing 17,000 hospital beds and over 20 outpatient pharmacy clinics, PHS is the largest provider of indigent pharmaceutical recovery services in the U.S and the only vendor with a turnkey (software and service) solution. Indigent recovery programs aid hospitals in enrolling eligible patients in pharmaceutical manufacturers' indigent assistance programs.
The company also provides a wide range of consulting services to hospitals seeking to improve their pharmacy operations and optimize the use of pharmaceutical agents. In addition, the company is about to release a new software package that will track pricing compliance for health system pharmacies by retrospectively evaluating vendor invoices for pricing accuracy.
"We are very pleased that Pharmacy Healthcare Solutions is joining AmeriSource. PHS brings excellent, value-added services that complement AmeriSource's core distribution business," said R. David Yost, AmeriSource president and chief executive officer. "Our customers will now have access to several tools that will improve the efficiency of their pharmacy operations, and AmeriSource acquires a business that can add to our future growth."
"Joining AmeriSource gives PHS the national scope and resources to accelerate the growth of our services to the health care community," said Robert Della Valle, PHS chairman. "AmeriSource's entrepreneurial, customer-focused culture is the perfect environment for us to continue the rapid growth of our profitable business."
AmeriSource Health Corporation, with more than $10 billion in operating revenue, is a leading distributor of pharmaceutical and related healthcare services and the industry's largest provider of pharmaceuticals to the acute care/health systems market. Headquartered in Valley Forge, PA, the company serves its base of 21,000 customer accounts through a national network of 24 strategically located distribution facilities. For news and additional information about the company, visit its web site at www.amerisource.com.
Certain information contained in this press release includes forward-looking statements (as defined in Section 27A of the Securities Act and Section 21E of the Exchange Act) that reflect the Company's current views with respect to future events and financial performance. Certain factors such as competitive pressures, success of restructuring initiatives, continued industry consolidation, changes in customer mix, changes in pharmaceutical manufacturers' pricing and distribution policy, the loss of one or more key customer or supplier relationships and other matters contained in the Company's Form 10-K for fiscal year 1999 and other public documents could cause actual results to differ materially from those in the forward-looking statements. The Company assumes no obligation to update the matters discussed in this press release.
CONTACT: AmeriSource Health Corporation
Michael N. Kilpatric, 610/727-7118